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The Lithuanian Banks Association (LBA) has revealed alarming findings about consumer vulnerability and fraud reachability after a social experiment.
As part of the "Recognise the Scammers" campaign, the LBA created a fake online store, Trendora.lt, and a corresponding Facebook page.
The store featured items such as hot air fryers and robot vacuum cleaners at unrealistically low prices to simulate typical scam tactics, and was promoted by local celebrities.
The campaign attracted more than 10,000 visitors, who were redirected to an educational site, atpazinksukciu.lt, after interacting with the fake store.
The fake store's advertising on social networks reached more than 0.5m Lithuanian residents.
"One of the saddest conclusions of the experiment is that modern communication platforms are a great tool for fraudsters,” said Eivilė Čipkutė, president of the Latvian Bar Association.
“The store and its profile on the social network had clear signs of fraud: there were errors in the texts, prices and discounts were unreliable, and there was no information about the company.”
Čipkutė pointed out that during the entire month of the experiment, no filters worked, and the advertising campaign was broadcast without interruption.
“No less important is the fact that some consumers, even after realising that the store was fake, were sincerely indignant that they had not been able to buy an extremely cheap deep fryer or phone. In other words, belief in favorable offers, especially if there are famous people's faces next to them, is very strong."
After entering the website, consumers were greeted with messages urging caution and providing tips to spot fraudulent websites.
The campaign comes with fraud on the rise in Lithuania, with projected losses of €19m in 2024, a 66.7 percent increase from 2023.
